What does the closing involve?
In a closing, title to real estate is transferred by deed. All necessary documents are prepared and disbursement of money is made for the purchase or finance of real estate and related costs. The settlement agent causes the deed or deed of trust to be recorded in the public record.
When and where will the closing occur?
Once our office receives the purchase contract, we will contact you to schedule a time and location for the closing.
What do I need to bring to the closing?
A typical closing requires the following from the buyer(s):
Funding: We require the buyer(s) to wire funds needed or bring a Cashier’s Check payable to Premium Title Group to our office at the time of closing. Your closing agent will provide you with wiring instructions. We cannot accept cash or a personal check for closing costs.
Identification: At closing the buyer(s) will be asked to supply a picture identification that includes their signature.
The seller(s) will be responsible for the following items:
Mortgage Payoff Information: The seller(s) must provide Premium Title Group with the names, phone numbers and loan amounts for all current mortgage holders. It is important that we receive this information in a timely manner as it can take up to seven business days to obtain a payoff.
Identification: At closing the seller(s) will be asked to supply a picture identification that includes their signature.
Social Security Numbers: At closing, the seller(s) will be asked to supply their social security numbers or Tax Identification Numbers.
Cashier’s Check: If the seller(s) is required to bring funds to closing, a cashier’s check made payable to Premium Title Group or a wire transfer of funds will be required.
What if one of the parties cannot attend the closing?
In some circumstances not everyone involved in a transaction can attend the closing. If this case should arise, the closing agent must be notified at least three days prior to closing. The absent individual is required to execute a “Specific Power of Attorney” which appoints someone to legally sign on their behalf in their absence.
What is Title Insurance and why do I need it?
Two types of title insurance are available.
Lender’s Coverage is usually required by the lender. Lender’s coverage protects only the lender in the event of a defect in the title to the property. The cost of this insurance is customarily paid by the buyer.
Owner’s Coverage provides the buyer with insurance against loss due to defects in the title not excepted or excluded from the policy. Unlike hazard insurance, the premium for Owner’s coverage is paid once with no recurring premiums. The policy is effective for as long as you or your heirs have any interest in the property. Plus, you are covered even after the property is sold.
Owner’s coverage provides you with a legal defense and, if your title should fail, reimbursement of the equity in your home up to the face amount of your policy. It also covers attorney’s fees charged to defend the title to the property.
How much does Lender’s Coverage cost?
The premium for Lender’s Coverage is based on the amount financed or borrowed in connection with the purchase of the property. Rates for each underwriter are filed with the state.
How much does Owner’s Coverage cost?
Your closing agent can provide you with an exact cost of Owner’s coverage. A discounted rate is available when owner’s coverage is purchased at the same time as the loan policy.
Do I really need Title Insurance?
Here are just a few of the reasons for title insurance: